How do I identify genuine mining opportunities?

[veleten]

how to know if a cloudmining is scam? -it has a website!
on a more serious note,cloudminings are the thing of the past
even the ones that are legit won't let you profit
if you want to learn more about how to determine the legitimacy of a cloudmining ,go here:
https://bitcointalk.org/index.php?topic=878387.0

you can also find a short list of the "legit" sites and also a huge list of the already collaped scams

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[Buwa]

In my research in the last few days, i was introduced to a mining group, a group of people come together to pay for the machine. Fingers crossed, lets hope this is genuine. Thanks to all who responded. I learnt from you all.

[Sophia29]

Make sure you read reviews and investor's opinion before getting involve with cloud mining program, internet is full of scam sites, but some are good sites yet questionable returns of investment. Be sure you understand terms and condition more.

[cheeseburgerparade]

I've had pretty good luck with the open ended BTC contracts at Genesis, but that's the only provider to this point that I've trusted enough to put real capital towards.  That said, it's a long term play with some significant uncertainty as to whether it would have been better to have just bought and held BTC (will need it to run long enough to give me back more BTC than what I put into it; guesstimating about 18 months). 

[veleten]

I've had pretty good luck with the open ended BTC contracts at Genesis, but that's the only provider to this point that I've trusted enough to put real capital towards.  That said, it's a long term play with some significant uncertainty as to whether it would have been better to have just bought and held BTC (will need it to run long enough to give me back more BTC than what I put into it; guesstimating about 18 months). 

you assume that the mining will still be there in 18 months
the main p[roblem is that they turn scam with almost 100% certainty
or change their terms on the fly,increasing the fees,changing contracts etc.
nobody in their right mind would allow you to buy a contract for 2 years when the price was 300$
and let you cash in on the almost 40 times growth,just like that
without trying to nab you

[fanbeila]

Most of cloud mining firms are scam nowadays.So,genesis cloud mining firm could be suggested as it is found to be legit.Three plans are available based on the hash rates.

But what should be considered is that even the initially invested amount would take almost six months to get recovered.

So,i would suggest to better invest in bitcoins and hold or invest in altcoins and do trading.But if you need passive income,then just go with the first option.

[Carmen01]

With scammers everywhere wanting to capitalize on one's lack of knowledge, how can I idenify which mining opportunities are genuine to avoid falling victim to scammers. Help out with whatever knowledge and experiences you might have.

avoid that kind of imagination because scammer is only a trial here in bitcoin,You can easily avoid all of scammer here like create a new account then register in their site so it so safe even they scam or hack you,I think they can scam you if you register in their mining site so do a wise thing for the safe of your account,always read or search about history of the mining site before you do investment then think already that mining can turn to scam anytime,Moreover i think don't invest in any cloud mining and do only mining if they have free bitcoin first 

[Kingofbitcoin12345]

I can relate to this topic because I’m once been victimized by this cloud mining site scammers.. I don’t know how to separate legit one to another because even the prestige one in a time can turn into a scamming site someday.. It is totally just about the guts you have with the risk of failing is big.. So to be sure,, withdraw your earnings everytime and don’t leave on the site..

[Aamir1]

Online mining should never be an option even if the service is legit, they wont give you the profit you may desire. There are some legit cloud mining websites where you can invest your bitcoins, but you should keep this in mind that cloud mining wont generate you any quick profits and it would even take a long time to give you the ROI (Return Of Investment). So my personal suggestion to you would simply be not to get into it and try something else, and i'm saying this because i did it myself in past.

[Mister1k]

Online mining should never be an option even if the service is legit, they wont give you the profit you may desire. There are some legit cloud mining websites where you can invest your bitcoins, but you should keep this in mind that cloud mining wont generate you any quick profits and it would even take a long time to give you the ROI (Return Of Investment). So my personal suggestion to you would simply be not to get into it and try something else, and i'm saying this because i did it myself in past.

This biggest headache for newbies actually. They doesn't understand issue behind the Ponzi cloud mining sites. Normally we are finding the many cloud mining sites in online those are been used rent the hashes and for mining contract. We may know that mining site like this cheat us bit newbies doesn't know that invested there. Suggestion for them should not on that. If you wish start mining initially go with GPU mining and then go with ASIC mining platform.

[AldenGreen]

It is an unfortunate truth in the  internet world wide web realm, everyday a new website will surface claiming big return of investment.
The good thing is many online reviews now is free to view and read, they can give you insight about the website security and investment accountability

[reymartH]

If it sounds too good to be true, it probably isn’t, no investment can consistently generate high returns with no risk or guaranteed returns. Remember all Ponzi schemes always begin with paying out or else they will not attract new recruits. If the primary way of earning is through referrals or commissions, your alarm bells should be ringing since it means that the business model on its own is unprofitable.

[batang_bitcoin]

Online mining should never be an option even if the service is legit, they wont give you the profit you may desire.

True but newbies will still insists that they have earned a very attracting amount thought that's not really high. They are for the profit without doing anything and they find it as an effortless opportunity.

There are some legit cloud mining websites where you can invest your bitcoins, but you should keep this in mind that cloud mining wont generate you any quick profits and it would even take a long time to give you the ROI (Return Of Investment). So my personal suggestion to you would simply be not to get into it and try something else, and i'm saying this because i did it myself in past.

Better to learn from the experiences of others with those popular exit scams that happened with these schemes it's not going to be worth it for a person that wants to get in with cloud mining. Better to stay away and find a better opportunity with trading.

[mrcash02]

Avoid all mining businesses which don't allow you to resell your mining power or mining businesses which decreases mining power value within time. That means: avoid 99,9% of mining related businesses... When investing always think on long term, do the math and if there aren't solid returns or guarantess, get away!

[Sadlife]

There is no legit or trustworthy cloud mining sites. This sites let's you buy some imaginary mining power with a high price and takes to long to be able to get the ROI of your investment sometimes you lose your capital instead of gaining when the duedate has come for your investment to grow. This cloud minings are more like crowd funding where they gather the money of investors and once they hit the desired amount or cap they vanished.

[canaveralnonie]

how to know if a cloudmining is scam? -it has a website!
on a more serious note,cloudminings are the thing of the past
even the ones that are legit won't let you profit
if you want to learn more about how to determine the legitimacy of a cloudmining ,go here:
https://bitcointalk.org/index.php?topic=878387.0

you can also find a short list of the "legit" sites and also a huge list of the already collaped scams

An good information from a legendary, thanks for it. So much useful for me as a newbie when in comes of mining . I visit the link that you provided in your previous message. It's absolutely hard to understand in a short interval of time. But I'm interested in cloud mining.

[ladydark]

With scammers everywhere wanting to capitalize on one's lack of knowledge, how can I idenify which mining opportunities are genuine to avoid falling victim to scammers. Help out with whatever knowledge and experiences you might have.

Majority of cloud mining farms are scam.You could try genesis mining as it is said to be legit.You could find three plans based on the hash rate.It is sad that you would have to wait atleast for six months patiently to get back your invested money.Indeed you could even mine some altcoins with GPU systems itself in home and sell them for bitcoins.

[kaya11]

With scammers everywhere wanting to capitalize on one's lack of knowledge, how can I idenify which mining opportunities are genuine to avoid falling victim to scammers. Help out with whatever knowledge and experiences you might have.

It's really hard to know whether the cloud mining you chose is a scam or not. Even it is not a scam, we can never tell that you can be successful all the way, look at what happened to Nicehash, they have been breach and we don't know if the money of the users will be given back or will be lost forever. Well all investments are risky and you should know that by now. If I were you, why not invest in promising ICO or Bitcoin and Ethereum. Just holding onto them will give you decent profit, it's your call not ours.

[vintages]

There are few ways to know, though,  these days it becoming complicated.
What I usually do when I was interested in cloud mining then is to always run a deep background search on it, about the company and where it is located.
This is very essential because at the process, you will surely discover something which might make you want to use it or not.
Apart from running a background check on it, also try to read recent reviews because you would see people who might not like the way the company runs and why.
Also make sure these reviews are from genuine people who might have used it. Because sometimes, some companies buys reviews just to look good.

[ASHLIUSZ]

Several cloud based mining is getting promoted through social media as well self promoted articles. Very small number of such websites seems legitimate, upon the same its good to invest into small scale mining, maybe this will help in improving the mining with different asics and other equipments available.